Irish Residential Properties REIT buys 77 Naas apartments
Irish Residential Properties REIT PLC on Tuesday said it has agreed to acquire 77 apartments in Naas, County Kildare, for €31.8 million, as it continues to recycle capital into higher-yielding assets.
The real estate investment trust said it has entered into a forward purchase agreement with Westar Homes Ltd for the units, which are currently under construction and are expected to reach practical completion in the fourth quarter of 2026.
The development comprises 20 one-bedroom, 33 two-bedroom and 24 three-bedroom apartments in a self-contained four-storey block with car parking.
Located in Naas, a commuter town southwest of Dublin with access to the M7 motorway and Sallins rail station, the scheme is close to employment hubs in southwest Dublin including Citywest, Grange Castle and Tallaght, I-RES said.
The company expects the investment to generate a net initial yield of around 5.3% and to be earnings-enhancing following the lease-up period. Leasing is due to commence after completion.
The acquisition will be funded from proceeds of the group’s ongoing disposal programme, under which €34.9 million of sales proceeds have been generated to date.
Following the acquisition and continued disposals, I-RES expects to maintain its loan-to-value ratio comfortably within its target range of 40% to 45%.
Shares in Irish Residential Properties REIT were up 0.2% at €1.08 in Dublin on Tuesday morning.
Copyright 2026 Alliance News Ltd. All Rights Reserved.